Burt White, chief investment officer at LPL Financial, believes the current valuations do not mean the end of the bull market.

"The real key is going to be earnings growth," he said. "Our forecast is that you are going to get earnings growth in the 5 to10 percent range. And if you get that, then that could cause the stock market to rise 5, 6, 8 percent with really no real increase in valuations."

On top of that, he said revenue growth has been surprising this year. That means CEOs will start to open their wallets.

"I think it's going to be business spending that is going to be the catalyst for the rest of this bull cycle," White said.